Supervisor Dean Preston authored Proposition I, a transfer tax increase that would raise money for affordable housing. (Kevin N. Hume/S.F….

San Francisco voters backed Proposition I to bring in an average of $196 million annually for rent relief affordable housing, election night results indicate.

The measure, which received 187,900 votes (nearly 58 percent of the vote) as of midnight returns, was brought forward by Supervisor Dean Preston. Opposed heavily by real estate interests, it would raise the transfer tax on properties worth $10 million or more, which the controller estimated would bring in anywhere from $13 million to $346 million annually. The ongoing recession spurred by the pandemic makes the exact figure uncertain, but it could average $196 million annually.

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